Ahmedabad: Homegrown pharmaceutical specialty, Torrent Pharmaceuticals Limitedrecorded a 24% increase in its quarterly profit during the second quarter of fiscal 2024, according to the company's stock exchange filing on Monday. Profit growth is driven by strong demand in domestic and foreign markets, particularly Brazil. Torrent Pharma posted a profit of Rs 386 crore during the quarter as compared to Rs 312 crore in the year-ago period.
Torrent Pharma, with an annual revenue of over Rs 9.6 billion, is the flagship company of the Torrent Group, with a group revenue of over Rs 37 billion.
Torrent's revenue in India stood at Rs 1,444 crore during the quarter, up 18% from the corresponding quarter. The company specifically recorded double-digit growth in chronic therapies, reactivation of gastronomic demand, traction in the consumer division and new launches.
Earnings before interest, taxes, depreciation and amortization (EBITDA) margins improved to 31% from 30% a year earlier.
The strong market performance can be mainly attributed to factors such as continued double-digit growth in chronic therapies, revival in gastronomic demand, traction in the consumer division and new launches.
We also published the following articles recently.
Torrent Pharma, with an annual revenue of over Rs 9.6 billion, is the flagship company of the Torrent Group, with a group revenue of over Rs 37 billion.
Torrent's revenue in India stood at Rs 1,444 crore during the quarter, up 18% from the corresponding quarter. The company specifically recorded double-digit growth in chronic therapies, reactivation of gastronomic demand, traction in the consumer division and new launches.
Earnings before interest, taxes, depreciation and amortization (EBITDA) margins improved to 31% from 30% a year earlier.
The strong market performance can be mainly attributed to factors such as continued double-digit growth in chronic therapies, revival in gastronomic demand, traction in the consumer division and new launches.
We also published the following articles recently.
India's Torrent Pharma posts profit rise in Q2 on strong demand
Torrent Pharmaceuticals, an Indian drugmaker, reported a nearly 24% rise in profits in the second quarter due to strong demand in the domestic market and in Brazil. The company's net profit for the quarter ended September 30 was Rs 3.86 billion ($46.4 million), compared to Rs 3.12 billion a year earlier. Revenue from operations also rose 16.1% to Rs 26.6 billion. Torrent has been in talks with private equity funds to raise up to $1.5 billion to bid for Cipla, India's third largest pharmaceutical company.
Torrent Pharmaceuticals, an Indian drugmaker, reported a nearly 24% rise in profits in the second quarter due to strong demand in the domestic market and in Brazil. The company's net profit for the quarter ended September 30 was Rs 3.86 billion ($46.4 million), compared to Rs 3.12 billion a year earlier. Revenue from operations also rose 16.1% to Rs 26.6 billion. Torrent has been in talks with private equity funds to raise up to $1.5 billion to bid for Cipla, India's third largest pharmaceutical company.
At Rs 10,261 crore, ICICI Bank's Q2 net profit surged 35%
ICICI Bank has announced a net profit of Rs 10,261 crore for the third quarter of 2023, which is an increase of 35.8% compared to the same quarter last year. The profit growth is attributed to business expansion, improved margins and a decline in non-performing loans. The bank's deposits at the end of the quarter rose 18.8% to Rs 12.9 lakh crore, and the domestic loan portfolio rose 19.3% to Rs 10.7 lakh crore.
ICICI Bank has announced a net profit of Rs 10,261 crore for the third quarter of 2023, which is an increase of 35.8% compared to the same quarter last year. The profit growth is attributed to business expansion, improved margins and a decline in non-performing loans. The bank's deposits at the end of the quarter rose 18.8% to Rs 12.9 lakh crore, and the domestic loan portfolio rose 19.3% to Rs 10.7 lakh crore.
Downward trading affects consumer goods growth in September quarter
The consumer goods sector in India has been hit by the trade slump, with consumption in five out of six categories declining in the September quarter. The sector's sales growth decreased by 2.3% year-on-year, and high-value packages in branded products decreased by around 5%. However, low-priced products saw growth of 4.5%. Sales of home care products and packaged foods saw an increase in sales, while personal care saw a lower contribution from higher-priced packaging. The consumer goods sector is expected to witness a gradual recovery in demand, with rural recovery remaining below expectations.
The consumer goods sector in India has been hit by the trade slump, with consumption in five out of six categories declining in the September quarter. The sector's sales growth decreased by 2.3% year-on-year, and high-value packages in branded products decreased by around 5%. However, low-priced products saw growth of 4.5%. Sales of home care products and packaged foods saw an increase in sales, while personal care saw a lower contribution from higher-priced packaging. The consumer goods sector is expected to witness a gradual recovery in demand, with rural recovery remaining below expectations.
